A new report by Transparency Market Research (TMR) states that the global hollow fiber ceramic membrane market is experiencing a remarkable rise in its valuation. This growth can be attributed at the rising usage of hollow fiber membranes by municipalities and the sharp decline in the cost and installation expenses of these membranes. According to the report, the market, which stood at US$ 99.0 mn in 2016, is estimated to double by 2025 and reach US$200 bn. The CAGR of this market is pegged at more than 11% between 2017 and 2025.
The worldwide hollow fiber ceramic membrane market demonstrates a competitive business landscape. Companies are relying upon product innovation to gain more market share. For instance, Nanostone Water Inc. came up with a high surface area ceramic ultrafiltration membrane for industrial water and wastewater treatment in 2017. Players are also taking up inorganic expansion strategies, especially constructing new production facilities. Technology Inc., CoorsTek Inc., MICRODYN-NADIR GmbH, Nanostone Water Inc., TAMI Industries., Ceraflo Pte Ltd., Qua Water Technologies Private Ltd., and i2M LLC are some of the key manufacturers of hollow fiber ceramic membrane across the world.
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Chemical Processing and Pharma Industries to Create Growth Opportunities
With the significant rise in the global population, the need for clean and potable water has increased, augmenting the requirement for wastewater treatment.There are wastewater treatment units at every municipality, which collect wastewater through sewers and treat it for reutilization. Since the quality of wastewater treated through hollow fiber ceramic membranes is good and fit for reusing, the treated water can directly be supplied to residents or dumped in seas without polluting them. These benefits of hollow fiber ceramic membranes have augmented their usage in wastewater treatment, resulting in a tremendous growth in the global hollow fiber ceramic membrane market.
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Going forward, the worldwide hollow fiber ceramic membrane market is likely to witness a substantial rise in the near future. The increasing demand for hollow fiber ceramic membranes in chemical processing and the pharmaceutical industries is creating new growth opportunities for this market. Manufacturers will also gain substantially from the surging uptake of products with these membranes in municipality offices for wastewater treatment over the next few years. Apart from this, the availability of cost-efficient products and reduced installation cost are expected to add to the growth of the global hollow fiber ceramic membrane market in the years to come.
Asia Pacific to Retain its Position
In terms of the region, the global hollow fiber ceramic membrane market is categorized into Europe, the Middle East and Africa, Asia Pacific, Latin America, and North America. Asia Pacific has been the dominant market for hollow fiber ceramic membrane across the world over the last few years. The high population growth has pushed the need for clean water, creating a demand for wastewater treatment in this region. The regional market is anticipated to remain at the top of the game even in the coming years. The governments are implementing new standards for wastewater treatment, which may translate in increased usage of products with hollow fiber ceramic membranes. The augmenting scarcity of fresh water and increasing awareness among consumers about the efficacy of these membranes in wastewater treatment are expected to boost the Asia Pacific hollow fiber ceramic membrane market in the near future.